Here’s a new custom tool for FX Trading Station II you may find useful, especially in light of the recent reduction in leverage due to regulations.
FXCodeBase created a new strategy which will alert you by email and/or a FXTSII alert/sound notification when your usable margin drops to a certain level. You can specify up to 5 levels at which you will receive a notification if your usable margin starts to drop. This way you don’t have to monitor the FX Trading Station II constantly. Take a look at this screenshot of the notification pop-up on FXTSII when my usable margin dropped below $2500. You can also set it up to send an email or play a sound.
Below you will find an example of how to setup the margin alerter from start to finish, with examples on a demo account for two usable margin alerts I created.
Setup
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[li]Download the Margin Alerter:
[/li]I have attached the Margin Alert strategy directly to this post (as zip file) or you can download it directly from the FXCodeBase here (http://fxcodebase.com/code/download/file.php?id=2004). Save the file to your desktop or somewhere you can easily find it.
[li]Load Margin Alert into FXTSII:
[/li]The next step is to add the Margin Alerter to the strategy list. See the image below for instructions. 1) Click on Charts > Strategies > Manage Custom Strategies. 2) In the window that appears, click on the Load button at the bottom of the window. 3) Find the MarginAlert.lua file on your desktop and add it.
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You should now have the Margin Alert feature in your Strategies list.
Creating a Margin Alert:
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[li]In FXTSII, click on Charts > Strategies > Add Strategy. In the window that appears, choose Margin Alert Signal from the list.
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[li]The Strategy Properties window should appear. This is where you set the specifics of the alert such as the margin level at which the alert will occur, whether to play a sound or issue a pop-up notification, email notification, etc.
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[li]Here’s a brief description of the main areas you need to be concerned about. Take a look at the image below for reference.
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Parameters: This is where you select the account(s) for the signal as well as the frequency with which the signal should check your usable margin. I have it set to every 3 seconds in the image.
Level 1: “Use current level?” should be set to Yes in order for the level 1 signal to work. If you have it set to No, then the alert is not turned on. The margin level of 2500 is the Usable Margin dollar amount at which point the alert is generated. And lastly, Check Type let’s you base the alert on the Usable Margin in dollar terms or percentage. I selected “Exact Amount” which lets you set the alert in dollar terms.
Level 2: Works same as level 1 and is where you will create an additional alert level.
Signal Parameters: This is where you indicate whether a pop-up window, sound, or email alert should be generated.
Margin Alert in Action
From the setup above, you remember that I created a margin alert for Usable Margin below $2,500 and $1,000. Here’s how it worked.
Margin Alert 1 when Usable Margin drops below $2,500
Margin Alert 2 when Usable Margin drops below $1,000
Please bear in mind, the FX Trading Station II has to be running in order for the alert to work.
MarginAlert.zip (2.59 KB)